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Company led by ex-MTN Nigeria CEO Wood exits 9mobile - sources

Reuters  |  LAGOS 

By Chijioke Ohuocha

(Reuters) - A company led by Adrian Wood, the former of South African telecoms giant MTN Group's business, has pulled out of its 9mobile venture, two people familiar with the matter said on Thursday.

Wood's departure, two months after the formal takeover of 9mobile in a $301 million deal, comes after disagreements with Nigerian shareholders, the sources said on condition of anonymity.

The consortium comprising Wood and the Nigerian investors was picked in February as preferred bidder for Nigeria's 9mobile - the country's fourth-biggest telecoms operator - after a debt default forced 9mobile's lenders to step in to find new investors.

The takeover of 9mobile comes at a time of increased competition as Nigeria's biggest operator, MTN, expands its service through partnerships with banks.

(Reporting by Chijioke Ohuocha; Writing by Paul Carsten; Editing by David Goodman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 10 2019. 21:49 IST